On the flipside, landlords who have upgraded their properties and put some money into their investment are seeing much greater profitability on rentals.
The other point to remember is that buying a property is one of the biggest investments a person will ever make, so whether you use it as your residence or rent it out, it is still important to protect its value during its prime years through renovating, upgrading, or refurbishing.
Many large communities in Dubai have crossed the cycle of ten years and are no longer in peak condition. That’s why making sure your property is in tip top condition is so important; you want it to stand out.
I often hear landlords say it’s just too costly to renovate their asset to attract good tenants – but that really doesn’t have to be the case! Here are my tips for upgrading a property without breaking the bank.
Spruce the place up
Even simple renovations such as painting, cleaning, and fixture changes, are effective ways to retain a property’s value over the course of its lifetime – while also making a great first impression to potential tenants. If you’re short on budget this is a great first step.
Refresh kitchens and bathrooms
Kitchens and bathrooms are the highest traffic areas of a home and often the most valued rooms when people are looking to buy or rent. That’s why kitchen and bathroom upgrades should be priority – it will not only add aesthetic appeal, but potentially massively increase your property’s value if you choose to sell.
And you don’t need to necessarily go for a full re-fit – simply retiling walls and installing modern new kitchen or bathroom countertops will immediately transform a dull but functional space into a super stylish room. Another option is ‘wrapping’ countertops to give the effect of a new installation, but at a fraction of the cost.
Focus on your floors
Flooring can make or break deals. By adding large slabs, porcelain flooring, marble, or parquet, you can instantly revamp the look of your home and increase the price it can command in the market.
There are lots of places in Dubai to get great buys on new flooring – it just requires a little shopping around.
Give some love to the garden
Landscaping can be another low cost way to increase the value and appeal of your property. Tiling and paving the garden space can deliver great ROI, as can extra planting and installing chic garden furniture.
Indeed, many Dubai renters actively look for an attractive outdoor space — especially if they have a pet or small children.